KWSG targets N2b micro-credit loan from CBN

Date: 2014-08-28

The Kwara State Government is sets to access N2 billion from the Central Bank of Nigeria (CBN) N220billion micro-credit funds to fund small and medium-scale enterprises (SMEs), according to Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams.

 Speaking on Wednesday in Ilorin, at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA), Adams said the state governor had signed a Memorandum of Understanding with the CBN on the scheme, saying that the credit facility would aid growth of the SMEs sector and boost state’s economy.

He said that the loan guaranteed by Irrevocable Special Payment Order (ISPO) would be managed by a special purpose vehicle (SPV) to be established by the state government to guard against mismanagement.   

On the importance of the private sector, he said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.

He said that "when there is a preponderance of the private sector in any economy there can't be chaos but when it is preponderance of the public sector there will be chaos.”

Adams who commended the KWACOBPA on the steps it is taking on demand for earmarking, by law, one per cent of the state budget as micro-credit fund for the SMEs assured that the government would not be indifferent to the demand.   

Earlier, chairman of the KWACOBPA, Hezekiah Adediji said the association is presenting to the state House Assembly a bill on the earmarking of one per cent of the budget for the SMEs to ensure that the scheme as a legislative backing that will make a permanent feature of the state administration regardless of the party in power.

Chief Adediji added that the scheme would increase business activities which will in turn translate into more employment, reduction of crime rate and increased revenue for development of the state.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Saliu Oluwole     Moses Rahman Popoola     Centre For Digital Economy     Joana Nnazua Kolo     3MTT     Joseph Daudu     Ahmed Dankaya     Bisi Oyeleke     Shao     Olokoba     Abdulrauf Aliyu     Tunji Ajanaku     Muslim Stakeholders Of Kwara State     Federal Allocation     TIC     Sabi     Mohammed Abdulahi     Abdulkareem Alabi     Ayo Adeyemi     Oke-Kura     Joseph Offorjama     Manzuma     NSCIA     Okoolowo     Jamiu Oyawoye     Onilu     Ajibola Ademola Julius     Sodiya     Yusuf Abdulwahab     Alapansapa     Kayode Yusuf     Jebba     Lawyers Unite Against Corruption     Baba-Isale     Ahmed Saidu Rufai     Isiaka Rafiu Mope     Gbenga Olawepo     Salihu S. Yaru     Jimoh Akani     Elesie Of Esie     Afolasade Opeyemi Kemi     Rabiu Kwankwaso     Kwara State Governor     Oko Erin     Ajuloopin     Cornelius Adebayo     Bolaji Gambari     Sheikh Ridhwanullah El-ilory     Henry Olaosebikan     Budo Egba     Logun     Elerinjare     Olatomiwa Williams     Olabanji Orilonishe     Tafida Of Ilorin     Danhawa     Hakeem Idris     Ilesha-Baruba     Kwara University Of Education     Femtech     TETFUND     Hydroelectric Power Producing Areas Development Commission     Alagbado     Academic Staff Union Of Universities     Olatunji Bamgbola     Saka Keji     Aminat Omodara     Abdullahi Biffo     Turaki     Oba Abdulkadir La\'aro     Saka Asiat Ayinke     Solomon Edoja     Kwara Politics     Haashim Initiative For Community Advancement     Nagode     Al-Hikmah Radio     International Vocational Centre    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Basit Olatunji     Ishola Balogun Fulani     Danhawa     Ilorin International Airport     Osinbajo     Adesina Simon Sodiya     Kunbi Titiloye     Ganmo Power Sub-Station     Elerin Of Adanla     Laduba     College Of Arabic And Islamic Legal Studies     Bamidele Adegoke Oladimeji     Chief Imam Of Ilorin     Zubair Folorunsho Erubu     Adebara     Toyosi Thomas     AbdulRahman Saad     Muhammad Fawaz Abubakar     Sheu Ndanusa Usman     Mike Omotosho     Kumbi Titilope     Funmilayo Oniwa     Akeem Olatunji     SDP     Sabo-Oke     Special Agro-Industrial Hub     NTA Ilorin     Monsurat Omotosho     Abikan     New Model Police Station     Abdulrazaq Aiyelabegan     Habeeb Saidu     Femi Gbajabiamila     Ishak Mohammed Sabi     Iyaloja-General     Michael Nzwekwe     Kwara Teaching Service Commission     Adama Isa     Ghali Alaaya     Wole Oke     Muhammad Ghali Alaaya     SARS     Temi Kolawole     Hussein Olokooba     Olupako Of Share     Sardauna     Ayodele Olaosebikan     Ajia-Bako     Kisira     Kwara Muslim Pilgrims Welfare Board     Tafidan Kaiama     Ajuloopin     Mustapha Olanipekun     Olatunji Moronfoye     Muritala Awodun     Hamidu Olowo     Toyin Saraki     Elerinjare-Ibobo     Kupchi Hosea Maxwell     Tunde Mukaila Mustapha     Just Law Forum     SSA Youth Engagement     Chief Imam Of Offa     Otoge     Moses Adekanye     Abdulmumini Sanni Jawondo     CBT     Soffiyyallah Kamaldeen     Oya State     Mahmud Durosinlohun Atiku     Yusuf Zulu-Gambari     Yeketi     Afusat Nike Ibrahim     Makama Of Ilorin     Abdulkareem Alabi     Mahmud Babatunde Baker     Busari Toyin Isiaka